150 億美元泡沫破裂！報告：逾 9 成 Web3 遊戲陣亡，為何玩家不願買單？

📄完整原文· 由 trafilatura 自動擷取Gemini 翻譯1629 字

In pursuit of a "token-driven" bright future, the Web3 gaming industry burned through $15 billion, but the brutal reality is that players never bought into it from the start. According to the latest data released by market maker and trading firm Caladan, a staggering 93% of "GameFi" projects are now effectively dead, with token values plummeting by approximately 95% from their 2022 peaks, while funding flowing into game development studios has shrunk by 93% as of 2025. Looking back, investors and developers poured billions of dollars into tokens and NFTs before even producing a single decent game. Today, as capital shifts heavily toward AI, RWA tokenization, and infrastructure, over 300 Web3 games have quietly shut down. The rise and fall of Web3 gaming has become the ultimate cautionary tale of blindly chasing speculative trends while ignoring "product-market fit." A Total Collapse Spared by None The report describes this as a systemic capital disintegration across the entire industry chain—from venture capital, NFT retail investors, and gaming guilds, to the 300 million users claimed by the Telegram "tap-to-earn" craze—all of which have become casualties of the bubble. Take *Hamster Kombat* as an example: it lost 96% of its players within just six months of launch. Meanwhile, the token of former gaming guild leader YGG is currently trading 99.6% lower than its all-time high in November 2021. A closer look at the "autopsy reports" of individual projects is even more harrowing. *Pixelmon*, which raised $70 million through an NFT launch, still hasn't delivered a public beta after four years of development. *Ember Sword* announced it was ceasing operations last May after spending seven years and burning through $18 million, with no refunds offered. Leading platform Gala Games became embroiled in a lawsuit, with its co-founder accused of misappropriating up to $130 million worth of tokens. Even Japanese gaming giant Square Enix quietly pulled the plug on its Web3 experimental project *Symbiogenesis* last July. Players Want Entertainment, Not Ponzi Schemes This massive rout was not caused by a poor economy, nor was it related to team execution; it was built on flawed demand assumptions from the start. Blockchain games relied on "Play-to-Earn" incentive models, but what players truly crave is an entertainment experience. Players had to spend money to buy tokens or NFTs to enter, earn the same assets through gameplay, and cash out when "new players" entered with capital. However, once the influx of new funds slowed, this business model collapsed instantly: token prices crashed, rewards dwindled, and users left, dragging the entire in-game economy down with them. According to blockchain data platform DappRadar, the once-popular *Axie Infinity* has seen its daily active users plummet from a peak of 2.7 million to around 5,500 today—a sobering decline. In fact, real market demand never kept pace with the speed of capital injection. Caladan cited a Coda Labs survey indicating that even at the height of the frenzy, only 12% of players had ever tried a Web3 game. Fundraising Too Easy, Development Too Long Capital misallocation further exacerbated the situation. Development teams often raised tens or even hundreds of millions of dollars before launching a viable product. With funding secured, they lost the urgency to build "games that could actually retain players." The "shift in capital flow" is the most honest indicator. In 2022, the Web3 gaming sector attracted as much as 62.5% of Web3 venture capital; by 2025, this proportion had plummeted to single digits, with withdrawn funds shifting toward AI, RWA tokenization, and Layer 2 scaling infrastructure. Even Animoca Brands, the biggest spender in the Web3 gaming space, has now reduced its investment in gaming projects to around 25%, shifting its focus toward stablecoins, RWA, and AI. Furthermore, the development cycle for a game typically takes 3 to 5 years, but tokens are traded in real-time on the market, requiring constant hype and momentum to support the price. By the time many projects finally managed to launch their games, their native tokens had already hit rock bottom. Once glamorized as the "future of the gaming industry," Web3 gaming now looks more like a bloody textbook, demonstrating the disastrous outcome that occurs when "financial engineering" runs faster than "product-market fit."

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ID：a20bb9ad30

來源：區塊客

發佈：2026-04-24 10:37:35

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